To surrender a policy, please contact us to check if your policy is eligible to be surrendered. Please have to hand either your Policy number, Client Reference number or Direct Debit Payer Reference number.
If it is eligible, we will send you a surrender claim form.
The owner of the policy must sign the claim form, unless the policy:
- is jointly owned, which requires signatures from both owners
- is owned by a child, which requires a signature from the child's parent or legal guardian
- is assigned to a bank/building society, which requires a signature from an official from that institution (if the bank/building society has no further interest in the policy, they must send us a Letter of Retrocession)
- is written in trust, which requires signatures from all named trustees.
Surrender claims can take up to 4 weeks to be processed.
Please note, you may not get the current value of your policy if you choose to surrender early. The current value of your policy is the minimum amount payable should you continue to maintain your premiums in line with your policy terms. If you choose to surrender your policy early, the value is calculated based on how long you have contributed to the policy and any surrender rates applicable at that time. The value quoted may be less than the sum you have paid in as a result of the effect of the charges in the early years.